₦airaland Forum

Following up on you!!! Have you looked further into them as you said?

Towma:
This was very helpful, I will look further into them.
Thanks

Please when not sure about something always use probability. USD was withdrawn less than 10mins ago from 1249pm

Theconglomerate:
I wanted to say this.
No one can access their dorm accounts now.No bank will pay you dollars now.
I'm sure if you request for the money to be converted to naira,they'll pay you immediately.
Reason I always advise against this.Dorm account is useless in times like this.
Better get offshore aza jejely.

Na God go bless you by Himself.
Your points were well articulated.

AMINDA:
This is exactly the point I'm trying to make. You have to see the hypocrisy behind this. Once upon a time in Nigeria, everything was almost free for the citizens, Healthcare, Education, Water, Government freebies, the naira was strong, everywhere soft. Then came some white men but this time, not in uniforms but with suit and tie. They told our leaders to stop those handouts, remove subsidy, devalue the naira, privatize everything, etc, in exchange for loan. They called it Structural Adjustment Programme ( SAP).

Shagari who was the President was about to sign on it when General Buhari overthrew his government and refused to sign. After a few years, Buhari was ousted in a coup in what some analysts say was foreign sponsored.
In came IBB, the Evil Genius. The white men in suit approached Nigeria again. To give his decision some semblance of approval, he threw the floor open to the populace through townhall meetings and despite a greater percentage of Nigerians being against the policy, he went ahead to sign. Nigeria was never the same again after that.

The hypocrisy is that, when it suits them, the White men still provide food stamps to the poor, bail out their failing industries and subsidize their farmers. The very same thing which they say we must never do. Instead, they keep telling us that the only solution lies in devaluing our naira. And we've been forced to do that on several occasions making them richer in the process, but things keep getting worse for us. "Devalue further " they say. Sadly, some of us still believe them.

Know your history!

https://punchng.com/nigeriansll-pay-higher-electricity-tariffs-fg-promises-imf/

This your model is confusing o.
How were the others employed then? Who does the main MD thinks he is working for?

Do we open a different thread to discuss this so as not to derail the thread?

SATANIIST:
no one knows who i am. i even fire myself sometimes. when you subject yourself this way, you act more like an underground spy. there is no way anything can go wrong. when they playto cheat , it is easy to know

Let's not talk about the girl in question, I rather want to know this your model of subjecting yourself to an MD even though you are the owner of the firm.
It looks like an interesting way to be indirectly involved in the running of the company. Would appreciate you shed some light on this. Who among the staff know who you really are?

SATANIIST:
abobo certificates can be forged anywhere. one pretty girl working in my company works with a forged cerificate, i know about it but because she gives me steady toto regularly, i pretend not to know. btw i own the company but pretend to be the human resource manger

Many people wen go school non sabi investment is it farmers that will now know what to invest in?
Except there is a deliberate policy to make that happen, I do not see it happening.
I really hate to see farmers poor, it pains me a lot considering their product is more important than a mobile phone.

hollerbaby:
You are very correct,
but in the absent of government support they can invest their savings for a better tomorrow . We are having an influx of young farmers dey shouldn't eat with all their hands as sweet as harvest maybe savings and investment should be a culture.

Men, na true o. I think foreign rice actually became popular in 1998/99 after that minimum wage increment. Like you said it was mostly local rice and Uncle Bens Rice

ahiboilandgas:
school un false imaginative non working theories ....am old enough to give practical example of terrible effect of devaluations....u are baby that why u know only foriegn rice which started in the early 1990....if u dont know rice was not eating daily in Nigeria in 70 and 80 ...only during patties and sundays ...in those day it mainly local rice in Nigeria and uncle ben rice ...

I am preempting conglomenrate, he will tell you that the movement of price of the dollar from 200 to 520 was not as a result of devaluation but scarcity of the dollar, I think that is the point he is trying to make. He wants government to hands off USD totally like subsidy removal.

Rice increase was mostly because they asked importers to always use the port and stop the cotonou route.

ahiboilandgas:
why wont it ....u dont import rice with naira from thailand but dollars so foe it to move from 200 to 520...price must change....Nb rice through port was and is not banned...superggeti was 120 per pack b4 devalutions now 240 ..

I do pity farmers a lot, I wish there was a system in place for them to also earn some form of pension at the end of their farming years. Like a contributory pension fund where whatever amount they put in government adds the same amount, that hopefully will encourage them to save for the future and make their last days a lot easier when the strength to lift their cutlass is no longer there.

ahiboilandgas:
the union chairman of this particular markets brought a filling station from rackets last time ...meanwhile the rural farmer in jos is poor while the union executive that have never been to the farm ..are busy building houses ....cos they SELL TO THE RICH....without been in the farms

Lol.... As soon as I saw this I knew you don enter conglomenrate trap and true to type he asked the very question I knew he would ask

ahiboilandgas:
says who ....naira was devalued tailand rice jumped from 7500 to 30k while local rice jump from 5k to almost 20k ....are u in Nigeria

For the records, it was not devaluation that pushed the price of rice up.

Theconglomerate:
What year of devaluation did this happen?

You can imagine...
If someone does not know some of these challenges, you will just sit down in your Geneva Ova office and think that the solution to the problem is to increase the number of farms without knowing that the scarcity is an artificial one.
Harvard Textbook solution different from real life solution abeg.

ahiboilandgas:
..a small basket of irish patatos is around 1200...then suddenly Islamic fasting start price jumps to 3000 ...not because of demand and outpace supply nooo....i was with the union chairman of perishable markets and he explain to me how they spike up prices ...all trucks coming from jos to the state is only allowed to discharge in that market ...so the products owners are not allow to retail to the end users but through a complex chain run by the union ..so they discharge only 1 truck daily will over 30 trucks filled with irish patatos are awating ....the hike prices (200 percents) sell to desperate customers ,maintain daily price stabilty all through the fasting period.....this a local cartel ...

Nothing to figure out bros. Nobody is bound to follow through with this analysis, each man is free to do what he likes.
I only put that out there for someone who may think it useful not to go back and forth with anyone.

AnthonyAnderson:
The right question will be how much value did 10,000 naira hold 30 years ago(1990) and how much value does it hold now. When you figure this out then you would know if you are right or wrong.

So the argument that local production and competition will drive down prices does not really hold in Nigeria. I think you mentioned one time that of the so called competition in the telecoms industry, their prices for voice and data are really not that different from each other.

Nigerian economics are not solvable with MIT and Cambridge solutions, only customized solutions can work like what Soludo did with the consolidation formula of Nigerian banks many years ago. Not many young people know that not too long ago, one bank owner could just literary make his bank bankrupt and take all the funds for himself.

We are a perculiar people, foreign solutions without factoring in the people involved cannot work here and this is a fact.

ahiboilandgas:
oligopoly.....3 cement cabal selling over 1.5 trillion yearly

Make una calm down abeg.
Meanwhile, I de find who go give me German Shepherd Dog. One good samarithan.

Theconglomerate:
I know you don't have enough brainpower to answer the things I asked you so I honestly wasn't expecting a reply.
I am shocked to even see a quote from you,even though it was quite empty but you did what your fragile brain could do anyway.
You can't give what you don't have.

Thank God you brought the issue of cement up, all those who always argue that competition leads to price reduction why does the price of cement average out between all the competitors?

pluto09:
Just like we have in cement.
We are producing enough cement but price is higher than neighbouring countries and one of the highest in the world.

You mean he will dismantle the cartel and create a new one like he did with the cement thing?

pluto09:
He will join the cartel and everything will be the same with only difference being that we will not be importing fuel again.

Sir, I did factor it in. Like I mentioned to one of my friend who raised same objection. 30M will still be a lot of money even in 30 years time. It may not just have the same value as we have not.

Don't also forget the amount we are talking about here just 10k leading to 30m and as to it being invested, we already mentioned 10% per annum.
Don't forget as time go on, even the 10k will look too small and the person may decide to increase it if their condition of living improves.
Even business people can decide to also do somethng like this on the side as a retirement plan.

Care4:
Have you factored in the time-value of money? How much will your 30M of 2020 worth in 2055? My brother/sister, you cannot get rich by saving. You need to put that money ou're saving into real work.

Dangote vs Cartel
...
I think he is a formidable opponent.

chigo4u:
This oil cartel is why I’m very pessimistic about Dangote refinery. I don’t think they will allow Dangote become successful in the market

I was initially surprised that there was no media frenzy about the issue when it was first reported.

I expected headlines like "At last, FG removes Subsidy" etc

ahiboilandgas:
Fgn they fear cartel ..

Normal interest rates in banks do not give up to 10% if that is what you mean.
Treasury bills used to give around that and higher at a time but even that has nose dived.

So, what options now exist? I suggest you used mutual funds for the monthly savings if that is what you want to be doing. Then whenever bonds and sukuk funds come out you can then invest in them. Those are the only instruments right now that seem to be giving up to that 10%.

Modified
I see oga Ema has responded, he is far more grounded on investment issues.

Towma:
Please which type of investment can I do to get this 10% per annum.
Do banks do something like this?
Pardon my ignorance

No question is entirely novice.

I'll try and respond

Towma:
Ok sorry let me edit the thread and take the discussion there.

It's because its a novice question
I didn't want to get laughed by investment gurus in that thread

Like seriously, u called me out like that. You sure it cannot be discussed on the investment forum for everyone to make a contribution.

Towma:
So sorry for calling you out like this, please don't be angry, I tried to contact you anonymously by sending messages but I didn't get a reply.

I wanted to ask you some few questions about a post you made on investment section. Thank you. Please reply my email.

@ojesymsym

This is one thing many people do not know.

Ikjosh04:
There're many knowledgeable people with fascinating ideas holding strategic positions of our economy. Nigeria is not short of knowledge, the issue is they're either handicapped or they're dirty themselves.
The rot of our dear country is so deep, cabals are everywhere in all positions that have direct influence over the welfare of Nigerian's.

I may not remember the details but living within our means does not look like the main thing that SAP was focused on. Like I said, they always sound good on paper but never work in reality.

pluto09:
Ignore the IMF,Let look at what SAP was all about, living within our means.
What are those things that you think are not good in SAP?

Exactly, the parts will still be imported.
We all support industrialization. But I personally do not think it is the first step especially all the things we export are raw materials. Even our main income is Crude oil not even its refined products.
Devaluation will hurt us now perhaps in future when our balance of trade improves, we may devalue fully.

ositadima1:
Lol, do you know that if a brand new Innosson car was affordable most people will rather buy it than tokunbo. By the way, 90% of the parts of the Innosson vehicle is imported, meaning ...

How come no country where IMF advocated for its use was able to make it a success. Many of these policies are trojan horses. Good on paper but bad in practice.

pluto09:
SAP was actually misunderstood by the general populace.
I am of the opinion that if SAP was properly done then, Nigeria by now should have been a better country.
Most of what the people were against are what we are doing now.
Imaging if we had privatised Nitel, NEPA ,airports, refineries etc in the late 80s and streamline our ineffective civil service.

The parts Innosson wan use for his car, where he wan see am non be still import?
China now has over a trillion, they did not have it when they started.

Olaide1295:
China with over a trillion dollars reserves devalues from a position of strength to encourage local production and exportation.
Import duty is not the solution in a country with corrupt border personnel. Go to Seme and Idiroko, rice has started entering Nigeria again.
This will not happen if there is devaluation.
If Camry becomes 6M(even 20M), people will forced to start buying Innosson. Innosson will expand production, create more jobs and start exporting to neighboring countries because he will earn forex.

If we don't devalue now, we will later devalue forcefully at a position of weakness like Venezuela and Zimbabwe.

LOL, our age don de add up small small

emmanuelewumi:
You are not a young man.

For me, as long as IMF is the one advocating for devaluation I will view it with suspicion. Devaluation is another name for SAP used by IBB during his time, complete failure.

Olaide1295:
True that industrialization doesn't happen in a night. But the catalyst that will make it grow rapidly is currency devaluation. It will be painful in the short-term if a consumer country devalues it's currency but they will start local production and benefit in the long term. This will boost GDP and create jobs.

When imports are too expensive, i will go for local rice rather than foreign one because i simply cannot afford the foreign one anymore.
Remember the tile adhesive company scenario given by Conglomerate, i cannot start a tiles company if my products will be more expensive than Chinas (No manufacturing and no jobs)

Local production cannot compete when dollar is cheap.
The key to industrialization is not a less corrupt government, it can only happen with Devaluation and low interest rates.

Thank God you have listed rice. What happened when government asked importers to pay import duties only through the ports for rice in an attempt to boost production? What was the outcry?

That directive and a subsequent stopping of border passage? Did it increase rice production? If yes, why not selectively try to boost local production in the things we have some advantage like cement production, food and processing than a blanket devaluation that will affect everything including drugs, electronics, mobile phones etc.
Is it devaluation that will our Nigerian Engineers to suddenly remember how to start making cars.
If you devalue, a Toyota Camry of 1.6M will shoot up to 5-6M? If you are the president, or CBN governor will that be something you will accept?

My belief is that we keep indentifying the things we know we should be able to produce or can increase our capacity to produce before we take the full plunge

Olaide1295:
True that industrialization doesn't happen in a night. But the catalyst that will make it grow rapidly is currency devaluation. It will be painful in the short-term if a consumer country devalues it's currency but they will start local production and benefit in the long term. This will boost GDP and create jobs.

When imports are too expensive, i will go for local rice rather than foreign one because i simply cannot afford the foreign one anymore.
Remember the tile adhesive company scenario given by Conglomerate, i cannot start a tiles company if my products will be more expensive than Chinas (No manufacturing and no jobs)

Local production cannot compete when dollar is cheap.
The key to industrialization is not a less corrupt government, it can only happen with Devaluation and low interest rates.

We are very much aligned. Look at what you quoted again, I said a "poor people not particularly known to be productive". China has a productive workforce.
It was from that productive workforce they started educating themselves and springing up industries. It did not happen in one night and they did not start it with devaluing their currency.

bbduty:
You are right. But let me remind you that China was not always an exporting nation. What they did was to copy some technology and adapt it to their needs, initially producing what the world saw as inferior quality products but it served their local demands, they were not importing and because the products were cheap, countries started importing from China. Over time many industries sprang up, their people became very much financial empowered, they improved their skills, technologies and infrastructure. Today they are a global force.
Lots of lesson to copy from them. We need to reduce our imports as much as possible to capital imports mainly, produce what we need domestically and empower our people.